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Who Owns Your Mortgage?

Discussion in 'Off Topic Threads' started by otnot, Oct 23, 2010.

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  1. otnot

    otnot Active Member

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    The title says it all. I did a little research and found out that my home mortgage is held by MERS and is only being serviced by Wells Fargo. Now to see if they can produce a valid title. I'm not underwater or in foreclosure but I want to know who I actually owe and when I pay off my mortgage will I get a clear title. You can use the online service to request your title at the link above. Rewrite their form letter as it's a little theatrical.
     
  2. Catpower

    Catpower Molon Labe TS Supporters

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    Nobody, paid it off about 10 yrs ago, I will never be in debt again if possible


    Gotta pay it all for insurance that doesn't pay shit when you need it
     
  3. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

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  4. phirel

    phirel TS Member

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    otnot- Titles are for personal property, not real estate. You have a deed for your real estate. You granted a deed of trust when you mortgaged the property and that created a cloud on your deed but the deed is still in your name. You will never get title to your home because such a thing does not exist. When you pay the mortgage you will have the same deed as you now have but the cloud will be removed.

    Pat Ireland
     
  5. Brian in Oregon

    Brian in Oregon Well-Known Member

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    You mean the temporary property use paper granted by the real owner, the government?
     
  6. timberfaller

    timberfaller Well-Known Member

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    Correct, you will never own your property, its called "taxes" even if you get your deed and miss your tax payment guess who "owns" your property?

    It won't be YOU!
     
  7. 221

    221 Banned User Banned TS Supporters

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    Pat...maybe you could clue the "Title Insurance" companies in. If your right, then I suppose there is no such thing as a "Title Search"

    I believe you will find that a "Deed" is used to transfer "Title"
     
  8. b12

    b12 Well-Known Member

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    paid mine off in 1995. Don't owe anyone except for my regular monthly expenses. Took my information from an old time banker in a small town bank.Have never been sorry. He use to say, smart people payoff their loan. Dumbasses get more loans thats how I make mine. From dumbasses.
     
  9. TF

    TF Active Member

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    Started out with Barnett Bank in Fl, then went to NationsBank, then Bank of America, then WaMu(refinanced with them at a much lower rate, but took years off the loan, not a lower payment-WaMu didn't like it but our continued business depended upon it), now Chase owns it. Chase offered to refinace at an unbelievable rate, but when I repsonded they refused saying since I only owed three years they wouldn't touch it(although they still offer to every other month). I never applied for any except the first loan with Barnett and have always felt like I was passed around from bank to bank. Funny how all all of these fine institutions have been/are in some type of difficulty at the moment.

    Tom Frazer
     
  10. warren

    warren Member

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    Security firms combine mortgages together and convert them to a security then sell them to institutions like insurance firms who use them to hedge their insurance policies they are supposed to be very secure investments, but when morons make loans to buyers with nothing down at so called teaser start rates and then sell those as high grade securities that's where you get into trouble. Then our genius gov't guarantees these high grade secutities and the taxpayer has to cough up the money.

    warren
     
  11. Shooting Jack

    Shooting Jack Active Member

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    Pat, I paid my house off in January of this year and finally received a letter from the last company(the note was sold several times in 20 years) that the note was paid. Where do I go to get the deed. When I purchased the house and got the loan it seems that it was registered at the local court house. As you can tell I don't know much about this. Thanks for your response. Jackie B.
     
  12. otnot

    otnot Active Member

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    Your right Pat. My deed of trust is being held by a third party until my obligation is paid in full. My other question is. How can the banks loan money for homes that they cannot give a clear deed of trust? If they can't foreclose for this very reason how can you sell something they might not own? My title search ends at MERS and is assigned a number at that point, instead of a page and book number at the recording office.
     
  13. trapshooterjoe7

    trapshooterjoe7 Member

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    Glad my stuff is all paid off,good Lord willin i will be living off you tax payers in about 3 years!!!
     
  14. otnot

    otnot Active Member

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    The above link is a good read:
     
  15. JayLC

    JayLC TS Member

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    Most of the above posts above are a little right and a little wrong. As a real estate attorney who owns a title company let me try to explain it. When you receive "title" or "ownership" to your property you are actually receiving some type of "interest" in the real estate. The most common form of ownership as we think of it is "fee simple absolute". The deed the most common instrument of conveyance that transfers the interest you receive which is from a purchase and sale of the property, however, other ways to convey such an interest might be through a will, court order, survivorship estate, etc. The type of interest you receive is based on the language in the deed or other instrument of conveyance. If you mortgaged the property with a lender you typically received a fee simple absolute interest and then transferred back to the lender a "mortgagee's interest" in order to secure the loan (ie. promissory note). The instrument transferring this is called a mortgage or sometimes called a deed of trust. If the lender sells the mortgage to another lender or investor then the mortgagee's interest is "assigned" to the new lender. All of this is recorded at the county recorder's office. The mortgage or deed of trust creates a lien against the title that you have in the property. When the mortgage is paid the lender files a release of mortgage with the county recorder's office releasing the lien. There are numerous interests you can have in real estate such as fee simple absolute, fee simple conditional, fee simple determinable, equitable, lessee, life, etc. All of these interests differ in two things, what you are allowed to do with the property and what you can utimately transfer to another person....either directly or indirectly....like through a will, etc. If you default on your loan to the bank the bank "forecloses" on the mortgage by filing a lawsuit with the county to have the mortgage enforced. Remember the promissory note you signed (which is a contract with the bank) says that if you don't pay your note you forfeit your ownership in the property to the bank in order to offset the loss of money the bank incurred from your defaulted loan.

    This is a bit of over simplification but I hope it helps to clarify.

    Frankly shooting trap is much easier and much more fun.

    Jay Cutler, Attorney, Notary, Scuba Diver, Pilot, Trap Shooter, Skeet Shooter, Hunter, Black Belt, Gun Collector, Paranoid, etc.
     
  16. recurvyarcher

    recurvyarcher Well-Known Member

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    Timberfaller, you are absolutely right, and I never thought of it that way. The government can force a tax sale on your property, and it is sold for auction prices, not market prices.

    Also, my family (because they were farmers) got screwed over TWICE by eminent domain...both times so that the government could either make (or increase the size of) a national park. Both farms in Stone Mountain, Georgia and Cades Cove, Tennessee belonged to our family. I've seen other families get screwed over the same way when they flooded land to make a state-owned man made lake.
     
  17. phirel

    phirel TS Member

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    Jay Cutler- Thanks for the excellent explanation.
    Pat Ireland
     
  18. halfmile

    halfmile Well-Known Member

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    In addition to the holder "releasing the lien" you should dreceive a "satisfaction of mortgage" from them.

    Funny how these documents are sometimes needed due to banker sloth.

    HM
     
  19. otnot

    otnot Active Member

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    The problem is that many of these morgage backed securities were bundled together with bad loans and sold to Fannie Mae and Freddie Mac and to investors around the world as AAA rated,which they were not.(FRAUD) So in effect we now own part of them. Also the Federal reserve purchesed a trillion or so dollars worth of these toxic assets to bail out the banks. The too big to fail banks are still holding hundreds of billions of dollars of these toxic assets and are going to be forced by the people they sold these securites to to buy them back. Guess what? I smell a bailout coming again soon to a theatre near you.
     
  20. Easystreet

    Easystreet Well-Known Member

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    Recurvy,

    When the government takes property under Eminent Domain statutes, they are required to pay fair market value for what was taken (plus residual damages if the remainder of the property was damaged in value by more than the value of the property taken). In addition, they have to pay other costs (such as relocation expenses) if the family has to move.

    If the owner of the property doesn't agree with what is offered for his property, he can appeal the amount of the offer. This appeal is heard by a jury of ordinary citizens (usually property owners) in the area. If the jurors don't agree that the offer is fair, they make their recommendation to the government of what IS a fair offer. In the end, the government and the property owner usually end up negotiating what the value of the taken property is worth. If the property owner is not capable of attending to this legal process, a lawyer is a good investment.

    In my experience, it is usually the government, i.e. the taxpayer, who gets screwed in this eminent domain process. Every property owner who paid a ridiculously low amount of money for his farm 30 to 40 years ago thinks it's worth 10 million dollars when the government wants a piece of it for a road, dam, park, or whatever.

    While it is certainly an emotional experience to have to leave or give up land that you've owned and lived on for many years, the government (i.e. the taxpayer) is not required to pay sentimental value for your property. Many, in fact MOST, property owners have a very difficult time separating sentimental value from market value. That's why we have appraisers and lawyers to help protect people's rights and try to differentiate sentimental value from market value.

    Easystreet
     
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